73 OG No. 39, 9104-L (September 26, 1977)

[ PRESIDENTIAL DECREE NO. 1164, June 23, 1977 ]

EXTENDING THE EFFECTIVITY OF THE PRICE CONTROL LAW TO JUNE 30, 1979.

WHEREAS, Section 11 of Republic Act No. 6361, otherwise known as the Price Control Law, as amended by Presidential Decree No. 737, provides that this law shall expire on June 30, 1977;WHEREAS, there is an urgent need to extend the effectivity of the law in line with the policy to prevent monopoly, hoarding, injurious speculation, manipulation and profiteering with respect to the supply, distribution and marketing of prime commodities; andWHEREAS, the amount of One Hundred Thousand (P100,000.00) Pesos provide under Section 9 of Republic Act No. 6361 for personnel services for a full year has become insufficient to secure an effective implementation of the Price Control Law;NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree:SECTION 1. The effectivity of Republic Act No. 6361, otherwise known as the Price Control Law, is hereby extended up to June 30, 1979, and the amount allotted for personnel services is increased from One Hundred Thousand (P100,000.00) Pesos for a full year to Three Hundred Thousand (P300,000.00) Pesos. The additional amount necessary for the operation of the Council up to 1979 is hereby appropriated out of any funds in the National Treasury not otherwise appropriated.SEC. 2. Any provision of law, decree, executrive order or regulation inconsistent herewith is hereby repealed amended or modified accordingly.SEC. 3. This Decree shall take effect immediately.Done in the City of Manila, this 23rd day of June in the year of Our Lord, nineteen hundred and seventy-seven.

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